Ohio Bankruptcy Lawyer - Bankruptcy Attorney

What is bankruptcy?

"Bankruptcy" refers to a set of laws and rules that can help a debtor who is facing more debt than he or she can afford to pay. In bankruptcy, the person, partnership, or corporation that owes money is referred to as "the debtor." Bankruptcy permits the debtor to work out a plan to repay some or all of the debt, or to have some of the debt forgiven. The bankruptcy laws give the debtor protections and benefits that are not available outside of bankruptcy. Most notably, bankruptcy laws require that creditors stop all collection efforts against the debtor while the debtor is working out a plan and awaiting a discharge of debts. The bankruptcy laws require that the debtor make full disclosure of all assets, liabilities, and other financial information, and that the debtor either (1) surrender non-exempt assets for liquidation and distribution to creditors or (2) formulate and follow through on a plan that provides creditors at least as much as they would receive if the debtor's assets were liquidated and distributed to creditors.

What is the Bankruptcy Code?

The Bankruptcy Code is title 11 of the United States Code. It is a federal law that provides help for businesses or persons in financial difficulty. The Bankruptcy Code is divided into several chapters--Chapters 7, 11, and 13 are the ones most commonly used--each of which offers debtors a different set of options for dealing with their creditors. The Bankruptcy Code is available at law libraries and on the Internet at http://www4.law.cornell.edu/uscode/11/.

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